me 0.07 BTC worth
Sorry to read about the way their scam has hit your finances. Imagine just how much the total investor loss would be. Does anybody have any ball-point figures?
Funds taken in hack were said by Cryptopia to be
9% of total assets they held (
https://news.bitcoin.com/cryptopia-lost-almost-a-tenth-of-its-assets-in-january-hack/). they had not completed their audit and haircuts and had only done BTC, LTC and ETH by the time they decided to liquidate the company. As they also had many tokens including USDT and TUSD, the amount will likely be higher. But from what is already known BTC, LTC and ETH taken was worth about $25-30 million USD at the time, so then it can be estimated to be $200 to $300 million customers are at risk of losing now to the company based on the outcome of the upcoming high court case in New Zealand (
https://twitter.com/cryptopia_nz/status/1217993284498251776).
Don't forget that the Cryptopia also reopened for short time before liquidation pretending they were serious about keeping the exchange alive but now it looks like they did this so they could apply a haircut to customer accounts which had the effect that it reduced significantly what customers had in their balance by the percentage they claimed was stolen by locking in what was owed to customers at an extremely low exchange value for those assets at that time (Bitcoin price was very near its lowest). They also are said to have used this an opportunity to apply a haircut greater than than what was taken in hack, and give themselves extra BTC to liquidate before and during the liquidation. Unlike every other exchange that gets hacked, Cryptopia never provided any details or provided the community with a balance of what remained post hack. The most they said was that it was 9% of total assets on their twitter account. They have never proved that the haircut matched what was taken, and have provided no TxIDs or audit results for the crypto community to verify.
I have heard that the amount of BTC taken in haircut was nearly twice what was taken in the hack, and then once the liquidation began only some weeks later is then considered to be company bitcoin by the liquidators who have ignored its origins. Remember that the haircuts that were BTC 14%, LTC 43%, and ETH 100%. Therefore if hack is only 7% of the BTC held, it is in the range of 500 BTC they paid themselves before liquidation (Before liquidation andpost hack Bitcoin seen moving to new wallets before reopening was over 7000BTC, after liquidation began Bitcoin linked to the Cryptopia main wallet that was seen moving to the liquidator wallets is over 5000 BTC (
https://whale-alert.io/transaction/bitcoin/1a9c856019eb33154adc14b5d34637ef70ef16a5eaff2b33f2baaa25e0a3c53c), but might be much higher if they have other multiple bitcoin wallets or stored on other exchanges).
The liquidators have not said if the IOU token/loss marker "CLM" given in exchange for haircut will be recognized, but even if it is (unlikely), the Cryptopia customers still lose because after deduct the extra BTC Cryptopia took in haircut to pay themselves and the company, the CLM token is 1:1 $NZD based (and was converted at BTC price on the day of the hack when it was really low and at the bottom and is below half what the BTC price today or the year before) The "company Bitcoin" probably been sold as well the other company property last year by the liquidators (
https://beincrypto.com/cryptopia-starts-liquidating-assets-creditor-repayment-date-still-unknown/). They need official declaration that customer cryptocurrency belongs to the company now so they can extract more money for other companies, directors, shareholders and staff that are owed. This is what the NZ High Court will rule on.
I also heard a rumor that they delayed going into liquidation so they could use an Australian crypto exchange to cash out some of this BTC haircut in the months before and then left the rest for their future liquidators to "find". But without some evidence or the liquidators investigating these rumors, this money is probably gone and the the "cherry on the top" for the directors and shareholders that will receive another big payout if the rest of the customer assets are allowed to be liquidated by Grant Thornton.
Also heard another rumor that there exist companies set up in the UK that were on paper were providing customer and technical support for Cryptopia but in reality did very little work
are owned by the Cryptopia directors and shareholders but are as a separate legal entities are in the liquidators list of creditors to be paid huge sums of money that "owed" to them alongside the other companies, staff etc in that list, so these people will get to double and triple dip on the payout from liquidation!
Hopefully the NZ Court will understand that the $300 million in cryptocurrencies belong entirely to the Cryptopia customers. and that the company, its directors, shareholders and creditors are not entitled to any of it.
sorry for the mess of text, there were some chatrooms i was in that had mentioned some of this but I see that no one had posted much info in here from what had been shared. perhaps some sleuths in here can find something or someone else who knows can tell us something. It will be a sad day to see the crooks benefit further from the misery they have caused to so many people, if the court decides to awards them or other parties (hoster, staff, shell companies) they owe to what belongs to the customers.
...I wouldn't be surprised if the hacker was not caught or the funds not retrieved hehe